{"id":68257,"date":"2022-10-07T16:13:37","date_gmt":"2022-10-07T13:13:37","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=68257"},"modified":"2025-09-07T13:09:51","modified_gmt":"2025-09-07T10:09:51","slug":"bitcoin-price-dips-below-20000-after-us-unemployment-report","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/bitcoin-price-dips-below-20000-after-us-unemployment-report\/","title":{"rendered":"Bitcoin price dips below $20,000 after US unemployment report"},"content":{"rendered":"

On Friday, 7 October, Bitcoin price slipped below the $20,000 level after the release of the report<\/a> on the US unemployment rate. Over the past 24 hours the asset has fallen 2.5%, according to CoinGecko<\/a>.<\/p>\n

At the time of writing, Bitcoin trades around $19,620.<\/p>\n

\\\"Bitcoin
Fifteen-minute BTC\/USD chart on Binance. Data: TradingView.<\/figcaption><\/figure>\n

According to the report, September unemployment stood at 3.5% versus 3.7% previously. It is the lowest reading since April 2021, though it exceeded analysts’ expectations. <\/p>\n

Such data are likely to push the \u0424\u0420\u0421<\/span> to take a more hawkish stance and raise the policy rate by 75 basis points.<\/p>\n

In March the Fed for the first time since 2018 raised the federal funds rate<\/a> to 0.25\u20130.5%. The local crypto rally persisted through April \u2014 Bitcoin and Ethereum reached annual highs<\/a>.<\/p>\n

In May the Fed again raised<\/a> \u2014 by 50 basis points. In light of the news, the first cryptocurrency surpassed $40,000, but on the same day fell below the $36,000 level<\/a>, marking the start of a protracted correction.<\/p>\n

In June the agency raised the federal funds rate<\/a> by 75 basis points for the first time since 1994. The rate reached around 1.5\u20131.75%, and Bitcoin reacted with a brief rally to $22,000, after which slid below $18,000<\/a>.<\/p>\n

July\u2019s rate hike<\/a> to 2.25\u20132.5% sparked a rally in digital-asset markets. Bitcoin then breached the $22,000 mark, and Ethereum reached $1,500.<\/p>\n

Towards the end of summer, gold-like digital assets reacted to Fed chair Jerome Powell’s remarks with a drop below the $21,000 level<\/a>.<\/p>\n

On 21 September the Fed raised again<\/a> the target range for the funds rate by 75 basis points, to 3\u20133.25%. The crypto market reacted with a drop.<\/p>\n

As previously reported, former hedge fund manager Jim Cramer, who hosts Mad Money on CNBC, said that tighter monetary policy would cause the ‘washout’<\/a> of speculative instruments such as digital assets<\/a> would occur.<\/p>\n

Follow ForkLog’s Bitcoin news on our Telegram<\/a> \u2014 crypto news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"

On Friday, 7 October, Bitcoin price fell below $20,000 after the US unemployment rate report; in the last 24 hours it fell 2.5%, according to CoinGecko.<\/p>\n","protected":false},"author":1,"featured_media":68258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[480,26],"class_list":["post-68257","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin-price","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/68257","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=68257"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/68257\/revisions"}],"predecessor-version":[{"id":68259,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/68257\/revisions\/68259"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/68258"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=68257"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=68257"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=68257"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}